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An income statement shows revenues and expenses over a period of time.
Formula income statement and balance sheet. Income statement and balance sheet overview. However the income statement uses revenues and expenses to generate a profit or loss figure. While these ratios are used to analyze the balance sheet some of the calculations require information that s found on a company s income statement. This income statement formula calculation is done by a single step or multiple steps process.
In the case of a single step the income statement formula is such that the net income is derived by deducting the expenses from the revenues. The income statement totals the debits and credits to determine net income before taxes the income statement can be run at any time during the fiscal year to show a company s profitability. When you work through these calculations for yourself it s best to have both the income statement and the balance sheet at hand. The income statement or profit and loss report is the easiest to understand it lists only the income and expense accounts and their balances.
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